NEW YORK (Mar. 13)
PEC Israel Economic Corporation, New York, made public today its annual report for 1966 showing net earnings after taxes of $938, 134, or $1.04 per share in 1966, compared with $1,086,102, or $1.28 for the previous year. The corporation paid a cash dividend of 80 cents per common share — same as last year — on February 15 to its 11,000 stockholders in the United States.
PEC, now in its 42nd year, has invested almost $25,000,000 of private U.S. capital in Israel industry, construction and development, transport, marketing, finance, citriculture and other ventures. It provides management and know-how to many of the companies in which it participates. Noting that the annual growth rate of Israel’s Gross National Product of 10 percent had been second only to Japan in recent years, the PEC report points out that government measures taken to curb overheating of the economy resulted in a slowdown of the growth rate to less than 2 percent in 1966.
The report also notes that “the corporation’s balance sheet reveals its strong financial position. This will enable PEC to participate in new ventures as they are developed, and to assist any of its subsidiaries and affiliates in need of expansion or working capital. Among the new ventures is the Israel Research and Development Corporation now in process of formation which is expected to give a strong impetus to the development of science-based industry in Israel.”